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Corporate R&D Investments Following Competitors’ Disclosures: Evidence from the Drug Development Process

Zhang, Yue (2020) Corporate R&D Investments Following Competitors’ Disclosures: Evidence from the Drug Development Process. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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This dissertation studies the role of peer disclosures in shaping corporate R&D investments. Using the online registration of clinical trials in the drug development process, I find that a firm’s R&D investments are deterred by disclosures of clinical trial initiation from strong rivals but encouraged by disclosures from weak rivals. The cross-sectional analyses suggest that the deterrence effect of peer disclosure is stronger when the therapeutic area has a high clinical-trial success rate, the encouragement effect is stronger when the market has fewer competing firms, and both effects are strengthened when the focal firm has a diversified R&D portfolio. Overall, my findings suggest that the way a firm reacts to peer disclosure varies with the disclosing firms’ relative competitiveness in the R&D race.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
Zhang, Yueyuz83@pitt.eduyuz830000-0002-3103-4700
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee CoChairEvans, John
Committee CoChairFeng,
Committee MemberGong,
Committee MemberLiang, Pierre
Committee MemberMa,
Committee MemberSrinivasan,
Date: 2 June 2020
Defense Date: 11 May 2020
Approval Date: 9 July 2020
Submission Date: 4 June 2020
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 61
Institution: University of Pittsburgh
Schools and Programs: Joseph M. Katz Graduate School of Business > Business Administration
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: corporate disclosure, drug development, R&D competition, innovation
Date Deposited: 09 Jul 2020 23:04
Last Modified: 09 Jul 2020 23:04


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